Question

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Beginning on March 1, 2013 and ending on June 1, 2016 monthly payments of $100 were...

Beginning on March 1, 2013 and ending on June 1, 2016 monthly payments of $100 were deposited into an account which earns 12% compounded monthly. Then, beginning on July 1, 2016 and ending on September 1, 2017 monthly payments of $200 were deposited. Determine the balance of the account on February 1, 2019.

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Solutions

Expert Solution

Balance on 1 Feb 2019 $10,639.65

Workings

Months from March 1, 2013 and ending on June 1, 2016 40
FV on 1 June 2016 $4,937.52
Months from July 1, 2016 and ending on September 1, 2017 15
FV on 1 Sep 2017 $8,983.88
Months from 1 Sep 2017 to 1 Feb 2019 17
Balance on 1 Feb 2019 $10,639.65

jeff jeffy answered 5 hours ago
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